Gulf Oil and Gas accountACCOUNT

BP Will Share Oil, Gas Discoveries With Libya, Ghanem Says

Source: bloomberg 6/22/2007, Location: Africa

Share |
BP Plc and the Libyan government will share any oil fields BP may find under an exploration accord signed with the North African nation last month, a Libyan official said. The agreement was initially announced as a ''natural-gas cooperation accord'' during British Prime Minister Tony Blair's visit to Libya on May 29. London-based BP committed to spend at least $900 million on exploration works in offshore and onshore plots that cover a total of 54,000 square kilometers (20,850 square miles), about the size of West Virginia.

''We called it a 'gas accord' because BP will be exploring in gas-prone areas,'' said Shokri Ghanem, chairman of state-run National Oil Corp., in an interview yesterday in Vienna. ''Whether it finds oil or gas, it will have to share any discovery.''

Libya holds Africa's largest crude oil reserves. It has stepped up exploration with the help of foreign oil companies since 2004, when nearly two decades of U.S. sanctions were lifted. The sanctions had been imposed because of accusations that the country supported terrorism.

Under the agreement with BP, the Libyan government will have a 77.5 percent stake in any field found, BP 19.125 percent and the state-owned Libya Investment Corp. 3.375 percent, Ghanem said. That proportion applies to oil and gas fields, he said.

Oil & Gas Companies News in Libya >>

Tunisia >>  10/31/2018 - Panoro Energy (PEN) is pleased to announce that its fully owned subsidiary Panoro Tunisia Exploration AS (Panoro Tunisia) has just signed a Heads of T...
Algeria >>  10/29/2018 - The Sonatrach Group signed an agreement Monday in Algiers with the oil companies BP (United Kingdom) and Equinor (Norway), for the exploration and dev...

Algeria >>  10/29/2018 - The Chairman and Director General of Algeria’s state oil company Sonatrach, Abdelmoumem Ould Kaddour, the Chief Executive Officer of Eni, Claudio Desc...
Algeria >>  10/29/2018 - The Chairman and Director General of Algeria’s state oil company Sonatrach, Abdelmoumem Ould Kaddour, and the Chief Executive Officer of Eni, Claudio ...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Libya Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

 

Oil & Gas Companies in Libya >>


Related Links

AO BJ BW CD CG CI CM DZ EG ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.